Crude prices plunged into a bearish phase this year amid the highest U.S. oil production in more than three decades and signs of slower demand growth. Speculation that OPEC’s leading producers were more interested in preserving market share than supporting up prices contributed to the collapse. On today’s economic agenda we have U.S. Energy Information Administration (EIA) latest survey. The report is expected to show a fall in LCrude stocks with estimates at 250K barrels. LCrude fell during the course of yesterday session closing near the low of the day on rumors that PEC will not cut oil output in Vienna on Thursday. Stochastic is setting higher lows and price is making lower lows, signs that the downside may begin to get exhausted. Expecting upward move to 78.11 on a break above the 10-day moving average at 75.31 (scenario 1) or a break below the Fibonacci extension at 73.67 could push LCrude prices to 71.13 (scenario 2). LCrude is a CFD written over Light Crude futures.